eb5exclusive

At the end of December, the ski resort Jay Peak in Vermont officially opened its new Tram Haus Lodge, which was largely funded by foreign investors participating in the country’s EB-5 visa program.

Bill Stenger, the resort’s owner, received investments from 35 citizens of other countries totaling $17.5 million to open the new lodge, which includes 57 luxury suites, several eateries, a bar, fitness center and ski rental and repair shop, VermontBiz.com reports.

According to Stenger, British citizens accounted for about 60 percent of investors, while the rest are nationals from countries including Brazil, China, India, Korea, Mexico and Canada. The expansion project is expected to create hundreds of jobs at the resort.

The Jay Peak owner told the news source that the EB-5 visa program seemed to draw in potential investors, especially from Canada, who wish to retire in the U.S., and young business leaders looking to enroll their children in an American university.

Sugarbush Resort in Warren, Vermont, is also using funding from EB-5 visa holders to finance a new 40,000-square-foot guest services center.

In exchange for their investments, the foreign financiers are given a green card, granting the right to live and work in the U.S.